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Major Chinese Crypto Mining Firm Applies For U.S. IPO To Raise $400 Million

Canaan Creative, one of the biggest cryptocurrency mining firms in China, has made an official filing in the United States, to go public.

According to an official publication from the U.S. Securities and Exchange Commission (SEC), the company filed on Oct 28, to run an initial public offering (IPO). Reportedly, the company had already filed a draft request before now for $200 million. Now, Canaan Creative is hoping to trade on the Nasdaq while raising $400 million in the IPO.

At the moment, Canaan is one of the three biggest mining outfits in China with Bitmain and Yibang International being the first two. If the filing is approved, Canaan Creative will become the first mining firm based in China, to go public in the U.S.

Whether or not the SEC will approve is up for discussion for more than a few reasons, including the ongoing trade tensions between the U.S. and China. Canaan however had a pretty great 2018 as it was able to pull in $394 million in total revenue with $8.3 million of it representing its net income.

Canaan Creative is however not the first Chinese crypto mining company to file. Back in June, Bitmain made its own application to the SEC after a different listing filed with the Hong Kong Stock Exchange expired 3 months earlier.

Image Credits: Pixabay


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